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SEC Charges RiverSource Distributors With Improper Switching of Variable Annuities

June 8th, 2022 at 11:23 AM
The Securities and Exchange Commission (SEC) has agreed to a settlement with RiverSource Distributors Inc. for improper switching or replacing of variable annuities. According to the SEC, RiverSource sold variable annuities to retail clients through an affiliated investment advisory firm, Ameriprise Financial Services.    
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When Custodians Defame Investment Advisers to Their Clients In Terminating Investment Manager Service Agreements

June 7th, 2022 at 3:03 PM
SPECIAL ALERT: When custodians defame investment advisers to their clients in terminating investment manager service agreements        
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NASAA Members Approve Model Rule Addressing Unpaid Client Arbitration Awards

June 7th, 2022 at 11:43 AM
The North American Securities Administrators Association (NASAA) and its members have voted to adopt a model rule addressing financial advisory firms that fail to pay customer arbitration awards.    
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FINRA Revives Plan To Design Expungement Arbitrator Roster

June 6th, 2022 at 11:03 AM
The Financial Industry Regulatory Authority (FINRA) has announced that it has approved amendments to a rule creating a roster of arbitrators to hear expungement requests.    
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ÍøÆØ³Ô¹Ïlls Fargo Ordered To Pay Former Credit Suisse Advisor Nearly a Million Dollars

June 3rd, 2022 at 1:36 PM
A Financial Industry Regulatory Authority (FINRA) arbitration panel has ordered ÍøÆØ³Ô¹Ïlls Fargo to pay $987,300 in compensatory damages to a former Credit Suisse advisor for aiding and abetting Credit Suisse.      
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SEC Obtains Emergency Relief To Halt Alleged Ponzi Scheme

June 3rd, 2022 at 8:40 AM
The Securities and Exchange Commission (SEC) has successfully obtained emergency relief, including asset freezes, against two investment advisory firms and their owners for allegedly selling pre-IPO shares that they did not own.      
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SEC Bars Advisor For Misleading Statements Regarding Woodbridge Securities

June 1st, 2022 at 3:13 PM
The Securities and Exchange Commission (SEC) has barred an advisor who made misleading statements in connection with sales of Woodbridge Securities through two registered investment advisory firms (RIAs).    
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Investor Advocates Push SEC to Investigate Mandatory Arbitration Requirements by RIAs

May 31st, 2022 at 1:10 PM
A coalition of investor advocates has asked the Securities and Exchange Commission (SEC) to investigate the use of mandatory arbitration clauses that RIAs typically include in their customer agreements.    
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FINRA and SEC Officials Reveal Common Pitfalls in Reg BI Exam Sweeps

May 31st, 2022 at 8:50 AM
Regulators have announced their intention to increase the frequency of examinations as they continue to discover spotty compliance even after Regulation Best Interest (“Reg. BI”) became effective two years ago.    
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Large GPB Fund Posts Revenue and Income Growth

May 26th, 2022 at 10:42 AM
After considerable delay, GPB Capital Holdings finally has released financial statements to its investors regarding one of its largest funds.    
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